Bitget Research: Grayscale Continues to Sell Off, BTC Falls Below $40,000

In the past 24 hours, many new popular tokens and topics have emerged in the d89ec2fc-772c-4ec9-a2c1-264585c3f558, and perhaps they will be the next focus of the market.

In Summary:

1.Popular Tokens:

Bitcoin (Token) - Coindesk, referencing informed sources and data, reported that FTX played a major role in Grayscale's recent sale of almost $3 billion in GBTC. FTX's sale of 22 million GBTC shares, now fully liquidated, was valued at nearly $1 billion. Yesterday, Bitcoin's price continued its decline due to ongoing outflows from GBTC, briefly dropping below $39,400.

Solana (Token) - Prices of trendy tokens in the Solana ecosystem have recently pulled back, but the progress of various projects in the ecosystem is rapid. Marginfi, a DeFi margin protocol on Solana, announced the new stablecoin project YBX on its social accounts, with a website for YBX. According to the information on the website, Marginfi plans to launch the high-yield, decentralized stablecoin YBX in early 2024. Meanwhile, the attention of airdrop hunters has shifted to Solana's oracle network, Pyth.network, leading to a significant increase in both the price and the staked amount of Pyth.

SAVM (Token) - SatoshiVM (SAVM) completed its IDO on Bounce Launchpad on January 19. SatoshiVM is a decentralized Bitcoin ZK Rollup Layer 2, compatible with the EVM ecosystem, using native BTC for gas. Users can bridge BTC to the Satoshi VM testnet and migrate tBTC to the Bitcoin Layer 2 through the SatoshiVM bridge. The token saw a significant increase in value following its IDO, with considerable trading activity. However, there are also rumors suggesting sell-offs by the project team.

BPET (Token) - A bug was detected following the official announcement of the PvP mode launch in the Xpet project yesterday. The project's founder stated that it would take several days to resolve the issue before relaunching the PvP mode. The BPET token experienced a rise before the PvP announcement and then plummeted. Depending on how the current situation unfolds, the consumption of BPET is expected to increase with the future implementation of PvP mode.

PENDLE (Token) - Recently, PENDLE added LRT asset components, enabling users to gain more benefits related to LRT. The product's continuous iteration has received positive feedback from the community. Pendle's price has reached a new all-time high, with its product capabilities and rapid development also recognized by speculative capital. Positioned as a top-tier project in the LSDFI sector, Pendle presents potential hype opportunities in the narrative surrounding the Cancun upgrade.

Ferc (Token) - The Ferc token gained market attention following the recent announcement of a new product, Cirth, and an inscription NFT - cirth {ferc-721}, by influencer Gu Qianfeng. After a period of inactivity, the Ferc token experienced a noticeable increase in trading volume and value.

OLAS (Token) - OLAS, a leading project in the AI sector, features Autonolas, which functions similarly to an AI application store and a GPT Store for the Web3 world. It enables developers to register and monetize their services, facilitating financial interactions among these services. Additionally, the rules are determined through member voting.

** Many replica tokens are emerging on the BSC, riding on the hype of new tokens. Tokens with tickers like ALT and ICE are imitating the names of tokens about to be launched on Binance and OKX. Traders are advised to be cautious to avoid purchasing these replica tokens.

2.Popular NFTs:

Orbs of Power (NFT) - Orbs of Power is the first NFT collection in the Anichess Universe, a blockchain-based international chess game developed by Animoca Brands and its subsidiary Lympo in collaboration with chess industry leader Play Magnus Group. This blockchain game features a betting and profit ecosystem. Currently, there are 65,711 holders of this NFT.

SyncSwap x Galxe (DApp) - SyncSwap is a decentralized exchange operating on zkSync Era and Ethereum ZK Rollups. The SyncSwap x Galxe NFT collection consists of 225,502 pieces. Additionally, they are currently collaborating with Galxe on a New Year NFT event for 2024, where completing interaction tasks will enable participants to claim NFTs.

3.Popular DApps:

Cirth (DApp) - Cirth's Twitter bio states, "Cirth is an on-chain and trustless imprint," and its official website features the slogan "Beyond Inscription." According to its description, users can deploy and mint NFT inscriptions, trade on NFT marketplaces, use any EVM-compatible wallet, bridge NFTs with fungible tokens (FTs), and swap bridged FTs on DEX/CEX. The project released inscription asset cirth {ferc-721} yesterday, which currently has 5561 holders.

WOOFi (DApp) - Binance Web3 wallet is launching a $100,000 WOOFi (WOO) airdrop promotion. During the promotion, users who complete specific tasks using the Binance Web3 wallet will be eligible to share the corresponding prize pool.

4.Twitter Hot Topics:

No data for this segment today due to anomalies in the data source.

5.Regional Trending Searches:

Bitcoin (Token) - Coindesk, referencing informed sources and data, reported that FTX played a major role in Grayscale's recent sale of almost $3 billion in GBTC. FTX's sale of 22 million GBTC shares, now fully liquidated, was valued at nearly $1 billion. Yesterday, Bitcoin's price continued its decline due to ongoing outflows from GBTC, briefly dropping below $39,400.

Solana (Token) - Prices of trendy tokens in the Solana ecosystem have recently pulled back, but the progress of various projects in the ecosystem is rapid. Marginfi, a DeFi margin protocol on Solana, announced the new stablecoin project YBX on its social accounts, with a website for YBX. According to the information on the website, Marginfi plans to launch the high-yield, decentralized stablecoin YBX in early 2024. Meanwhile, the attention of airdrop hunters has shifted to Solana's oracle network, Pyth.network, leading to a significant increase in both the price and the staked amount of Pyth.

Main Body

Written by: Bitget Research

Data collection time: January 23, 10:30 AM

Data sources: Dune, DApps, Twitter, Google

Note:

1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.

2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.

3) DApp daily activity (UAW: unique active wallets)

4) TGE (Token Generation Event)

5) In this report, the term "Entity" refers to both Contract Account (CA) and Ethereum Original Account (EOA), and is not a result of the aggregation of actual entity addresses.

1.BTC Profile - BRC-20

No new popular BRC-20 assets emerged yesterday.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 427,979

New active users on ETH: 87,416, with a daily increase of 2.89%

Existing active users on ETH: 340,563, with a daily decrease of 6.80%

2.1.2 New User Profile

Core data: There were a total of 87,416 new active users on ETH yesterday, with a daily increase of 2.89%

Popular Sectors

Popular Projects

Cirth (DApp) - Cirth's Twitter bio states, "Cirth is an on-chain and trustless imprint," and its official website features the slogan "Beyond Inscription." According to its description, users can deploy and mint NFT inscriptions, trade on NFT marketplaces, use any EVM-compatible wallet, bridge NFTs with fungible tokens (FTs), and swap bridged FTs on DEX/CEX. The project released inscription asset cirth {ferc-721} yesterday, which currently has 5561 holders. https://opensea.io/collection/cirth-ferc-721-1

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 340,563, with a daily decrease of 6.80%

Popular Sectors

Popular Projects

Cirth was described earlier in the report.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

The overall market is experiencing a downturn, and as a result, memecoins on Ethereum are all losing momentum.

OLAS (Token) - OLAS, a leading project in the AI sector, features Autonolas, which functions similarly to an AI application store and a GPT Store for the Web3 world. It enables developers to register and monetize their services, facilitating financial interactions among these services. Additionally, the rules are determined through member voting.

2.2.2 Uniswap V3

SAVM (Token) - SatoshiVM (SAVM) completed its IDO on Bounce Launchpad on January 19. SatoshiVM is a decentralized Bitcoin ZK Rollup Layer 2, compatible with the EVM ecosystem, using native BTC for gas. Users can bridge BTC to the Satoshi VM testnet and migrate tBTC to the Bitcoin Layer 2 through the SatoshiVM bridge. The token saw a significant increase in value following its IDO, with considerable trading activity. However, there are also rumors suggesting sell-offs by the project team.

Ferc (Token) - The Ferc token gained market attention following the recent announcement of a new product, Cirth, and an inscription NFT - cirth {ferc-721}, by influencer Gu Qianfeng. After a period of inactivity, the Ferc token experienced a noticeable increase in trading volume and value.

2.3 Popular NFTs

2.3.1 Top NFT Collections

SyncSwap x Galxe (DApp) - SyncSwap is a decentralized exchange operating on zkSync Era and Ethereum ZK Rollups. The SyncSwap x Galxe NFT collection consists of 225,502 pieces. Additionally, they are currently collaborating with Galxe on a New Year NFT event for 2024, where completing interaction tasks will enable participants to claim NFTs.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,359,655

New active users on BSC: 210,595, with a daily increase of 16.89%

Existing active users on BSC: 1,149,060, with a daily increase of 10.44%

3.1.2 New User Profile

Core data: There were a total of 210,595 new active users on BSC yesterday, with a daily increase of 16.89%

Popular Sectors

Popular Projects

TinyTap (DApp) - TinyTap is a vast library of games created by educators. Now under the umbrella of Animoca Brands, the project is dedicated to forging an open, blockchain-driven educational ecosystem. Animoca Brands has announced plans to purchase additional EDU tokens from the open market. Binance Labs invested $3.15 million in the Web3 education protocol Open Campus, bringing significant traffic to the Web3 education sector.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 1,149,060, with a daily increase of 10.44%

Popular Sectors

Popular Projects

QnA3 (DApp) - A Web3 knowledge-sharing platform based on AI, QnA3.AI has garnered widespread attention on the BNB Chain. The project has initiated a data mining mode, where users can join and use idle computing resources on their devices for tasks like data cleaning and scraping. Contributors of computing power are rewarded with points.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

Many replica tokens are emerging on the BSC, riding on the hype of new tokens. Tokens with tickers like ALT and ICE are imitating the names of tokens about to be launched on Binance and OKX. Traders are advised to be cautious to avoid purchasing these replica tokens.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 613,740

New active users on Polygon: 135,668, with a daily increase of 20.22%

Existing active users on Polygon: 478,072, with a daily increase of 4.58%

4.1.2 New User Profile

Core data: There were a total of 135,668 new active users on Polygon yesterday, with a daily increase of 20.22%

Popular Sectors

Popular Projects

Orbs of Power (NFT) - Orbs of Power is the first NFT collection in the Anichess Universe, a blockchain-based international chess game developed by Animoca Brands and its subsidiary Lympo in collaboration with chess industry leader Play Magnus Group. This blockchain game features a betting and profit ecosystem. Currently, there are 65,711 holders of this NFT.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 478,072, with a daily increase of 4.58%

Popular Sectors

Popular Projects

Smart Cats (NFT) - An NFT project launched by Smart Layer, which has very high on-chain popularity. Users can interact with Smart Cats NFTs by feeding, cleaning, and other activities. The NFTs have a very high level of interaction. Smart Layer's official "Airdrop Confirmed" announcement hints at an upcoming airdrop and TGE.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

Recently, no new popular tokens have emerged on Polygon.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 184,953

New Active Users on Arbitrum: 27,779, with a daily increase of 15.37%

Existing Active Users on Arbitrum: 157,174, with a daily increase of 6.01%

5.1.2 New User Profile

Core data: There were a total of 27,779 new active users on Arbitrum yesterday, with a daily increase of 15.37%

Popular Sectors

Popular Projects

BPET (Token) - A bug was detected following the official announcement of the PvP mode launch in the Xpet project yesterday. The project's founder stated that it would take several days to resolve the issue before relaunching the PvP mode. The BPET token experienced a rise before the PvP announcement and then plummeted. Depending on how the current situation unfolds, the consumption of BPET is expected to increase with the future implementation of PvP mode.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 157,174, with a daily increase of 6.01%

Popular Sectors

Popular Projects

WOOFi (DApp) - Binance Web3 wallet is launching a $100,000 WOOFi (WOO) airdrop promotion. During the promotion, users who complete specific tasks using the Binance Web3 wallet will be eligible to share the corresponding prize pool.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

PENDLE (Token) - Recently, PENDLE added LRT asset components, enabling users to gain more benefits related to LRT. The product's continuous iteration has received positive feedback from the community. Pendle's price has reached a new all-time high, with its product capabilities and rapid development also recognized by speculative capital. Positioned as a top-tier project in the LSDFI sector, Pendle presents potential hype opportunities in the narrative surrounding the Cancun upgrade.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 70,965

New Active Users on Base: 9,482, with a daily decrease of 11.01%

Existing Active Users on Base: 61,483, with a daily decrease of 11.29%

6.1.2 New User Profile

Core data: There were a total of 9,482 new active users on Base yesterday, with a daily decrease of 11.01%

Popular Sectors

Popular Projects

Ducky City (DApp) - Ducky City is a GameFi project on the Base Chain. According to DappRadar, the DApp reached its highest number of daily active players on January 7, with 13,016 players, and a concurrent online player count of 1684. The project aims to be a combination of Metaverse, SocialFi, and GameFi. Similarweb data shows that 70% of the project's traffic comes from Indonesia, which aligns with the crowding of Indonesian servers in the mini game.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 61,483, with a daily decrease of 11.29%

Popular Sectors

Popular Projects

Merkly (DApp) - Merkly is a multifunctional Omnichain platform, aiming to simplify bridging through the groundbreaking technology of LayerZero. The purpose of the refuel contract is to provide gas fees for chains without gas by using a swap and cross-chain method.

7. DApp Ecosystem - All Chains

CARV (DApp) - CARV is an AI-powered super app focused on socializing, authenticating, and publishing within gaming. It enables users to self-verify ownership, role actions, social connections, or past experiences as credentials. The platform builds reputation through consented zero-party data. CARV is a user-centric platform, offering true data autonomy, where users can control and monetize their identity and data.

8.DApp Ecosystem - ETH Chain

MetaMask (DApp) - MetaMask now allows users to run Ethereum validator nodes through Consensys Staking. This service is available to users willing to stake a minimum of 32 ETH. MetaMask's new staking service promises no need for fund pooling, nor hardware or software requirements. The user's 32 ETH stake will be used to operate a validator node via Consensys Staking, which currently runs approximately 4% of all staked ETH validators.

9.DApp Ecosystem - BSC

StarryNift (DApp) - StarryNift is a co-creation metaverse platform where users can play, create, and socialize. The project aims to expand Metaverse Horizons through innovative and diverse use cases to accelerate the adoption of Web3. The project team announced its tokenomics last December and plans to issue its token.

10.DApp Ecosystem - Polygon Chain

Yuliverse (DApp) - Yuliverse has established a new investment partnership with DWF Labs. Yuliverse is a free-to-play blockchain metaverse game that combines GameFi and SocialFi elements, utilizing NFTs and the cryptocurrencies ARG and ART. It enhances social interaction and engagement and allows players to explore the real world and build connections. Yuliverse's game mechanics include elements of earning potential, providing a unique gaming experience for players.

11.DApp Ecosystem - Solana Chain

MarginFi (DApp) - A top-tier lending DApp on Solana, MarginFi previously introduced a points algorithm, where users engaging in staking, lending, and LSD projects within the application can earn points. Recently, the platform launched its stablecoin YBX. Some institutions suggest that the project might launch its token in the first quarter. The project is gaining popularity, making it worth considering for engagement.

12.DApp Ecosystem - Arbitrum Chain

WOOFi (DApp) - Binance Web3 wallet is launching a $100,000 WOOFi (WOO) airdrop promotion. During the promotion, users who complete specific tasks using the Binance Web3 wallet will be eligible to share the corresponding prize pool.

13.DApp Ecosystem - Base Chain

BaseSwap (DApp) - BaseSwap is a native DEX on Base. As an Automated Market Maker, BaseSwap facilitates the seamless exchange of diverse token pairs at competitive fees in the market (0.25%).

14.DApp Ecosystem - GameFi Sector Across All Chains

StarryNift was described earlier in the report.

15.Gas Fee Consumption - ETH Chain

BananaGun (DApp) - The Telegram Bot project, Banana Gun, has announced that its bot service has been launched on the Solana Network, with new features to be continually added following testing. Banana Gun has also established a collaboration with Jito. The project is currently in the testing phase for sniping and in-house limit order features.

16.Gas Fee Consumption - BSC

Seg Finance (DApp) - A Play2Earn project on the BSC, where users can stake their shoe NFTs or provide liquidity to earn passive BNB profits. The project is now open source, and its contract on the BSC is transparent. It has over 1500 followers on Twitter and is an essential project to stay updated on.

17.Gas Fee Consumption - Polygon Chain

No new notable projects have emerged on the Polygon Chain.

18.Gas Fee Consumption - Arbitrum Chain

Vertex (DApp) - Vertex is a decentralized exchange (DEX) protocol based on Arbitrum, offering cross-margin trading services. It integrates spot, perpetual contracts, and money markets into one application. It is currently the most active derivatives platform on Arbitrum.

19.Gas Fee Consumption - Base Chain

Aerodrome (DApp) - Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. The aerodrome's design is inspired by the Velodrome V2 model to incentivize liquidity on the protocol. Despite past collaborations, Aerodrome operates independently of Velodrome. AERO, Aerodrome's utility and governance token, allows holders to lock their tokens and receive veAERO NFTs and voting power based on the lock-up period.

20.Top Trending Tokens on Twitter

No data for this segment today due to anomalies in the data source.

21.Google Trends - Global

Bitcoin (Token) - Coindesk, referencing informed sources and data, reported that FTX played a major role in Grayscale's recent sale of almost $3 billion in GBTC. FTX's sale of 22 million GBTC shares, now fully liquidated, was valued at nearly $1 billion. Yesterday, Bitcoin's price continued its decline due to ongoing outflows from GBTC, briefly dropping below $39,400.

Solana (Token) - Prices of trendy tokens in the Solana ecosystem have recently pulled back, but the progress of various projects in the ecosystem is rapid. Marginfi, a DeFi margin protocol on Solana, announced the new stablecoin project YBX on its social accounts, with a website for YBX. According to the information on the website, Marginfi plans to launch the high-yield, decentralized stablecoin YBX in early 2024. Meanwhile, the attention of airdrop hunters has shifted to Solana's oracle network, Pyth.network, leading to a significant increase in both the price and the staked amount of Pyth.

22.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan

a) South Asia Region

India Trends: wif, sui, arbitrum

Pakistan Trends: dca crypto, coinmarketcap

b) Southeast Asia Region

Malaysia Trends: luno, luna crypto, avalanche, airdrop

Philippines Trends: tron, btc, sei, polygon

Singapore Trends: eth, bybit, sei

Indonesia Trends: coinbase, uniswap, harga

Vietnam Trends: crypto news, tradingview

c) East Asia

Trends: No significant trends

23.Google Trends Surge - English-speaking Countries, Europe, CIS Region

a) CIS Region

Trends: crypto bubbles, crypto pro, binance

b) English-speaking Countries

USA Trends: fideum, solana, juno

Australia Trends: om, pepe, argo, solana

Canada Trends: dot, solana, myro, atom, shib

UK Trends: hnt, mica, coinskid

c) Europe

Poland Trends: kaspa, eth, xai, tia, btc

France Trends: qnt, alph, rekt, ator, pi, evmos

Switzerland Trends: polygon, dca, casper, shib

Türkiye Trends: selcoin, crypto royale, coinmarketcap

Italy Trends: lunc, crollo, coinbase, luna, inj, egld

Spain Trends: icp, osmo, ondo, dot, btc, tia

24.Google Trends Surge - Middle East, Latin America, Africa

a) Africa

South Africa Trends: easy crypto, avax, xrp

Nigeria Trends: swapify crypto, coingecko, paybis

b) Middle East

UAE Trends: doge, bybit

Saudi Arabia Trends: tradingview, crypto news

c) Latin America

Brazil Trends: tellor, pinksale, blp, cartao

Argentina Trends: arkham, dolar, bitcoin, ice, solana, avax

Mexico Trends: bitcoin, bitso

Chile Trends: bitcoin, shib

Reference Links

Dune On-Chain Data Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview

Dune On-Chain Data Dashboard - Gas Consumption: https://dune.com/bitgetresearch/gas-overview